SEARDEL INVESTMENT CORPORATION LTD - Separate Listing and Unbundling of Seardel's Non-Media Investments

Separate Listing and Unbundling of Seardel's Non-Media Investments

SEARDEL INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1968/011249/06
N-Shares share code: SRN; Ordinary Shares share code: SER
ISIN: ZAE000030144; ISIN: ZAE000029815
(“Seardel” or “the Group”)


SEPARATE LISTING AND UNBUNDLING OF SEARDEL’S NON-MEDIA INVESTMENTS ON THE JSE


The Seardel board of directors (“Board”) is pleased to confirm its intention to separately list Seardel’s
non-media investments via a newly created investment holding company, Deneb Investments Limited
(“Deneb”) on the securities exchange operated by the JSE Limited ("JSE") (“Deneb Listing”) and the
unbundling of Seardel’s interest in Deneb to Seardel ordinary shareholders and N-shareholders (“Seardel
Shareholders”) (“Unbundling”), subject to the receipt of necessary regulatory approvals.

Post the Deneb Listing and Unbundling, Seardel will remain a media focussed investment company,
allowing it to concentrate its resources on growing Seardel’s media businesses while providing Seardel
Shareholders direct access to the underlying media investments. The Board is of the view that the
proposed Deneb Listing and the Unbundling should be beneficial to Seardel Shareholders and should
enhance shareholder value, inter alia, by allowing Seardel Shareholders the flexibility to maintain,
increase or decrease their investment in Seardel’s media and non-media investment portfolios based on
their specific investment preferences.

The Deneb Listing and the Unbundling is subject to various conditions including JSE approval. A further
announcement regarding the Deneb Listing and Unbundling will be made to Seardel Shareholders in due
course.



Cape Town
28 August 2014

Investment Bank and Sponsor
Investec Bank Limited

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